"We promise a buyback on iPhone 8, Plus and 10 after one year,” said Akash Ambani, Reliance Industries Chairman Mukesh Ambani.Following the announcement, the stock rose 0.85 per cent to hit a high of Rs 793.5 on BSE.

The telecom operator, which has formed a patnership with US-based Apple for iPhone 8 and iPhone 8+, urged people to buy the iPhone 8 on the RelianceJio platform and promised a 70 per cent cashback offer. If the Jio monthly plan for Rs 799 is used, customers would be entitled to the cashback in 12 months, it said, noting that the cashback could only be redeemed on Reliance products at Reliance outlets.

"We at Jio are committed to a long-term partnership with Apple,” Mukesh Ambani said.

The partnership between Apple and Jio has revolutionised the industry because both think customer first, said Akash Ambani. He said new features, data affordability, device affordability would lead to a new future.

The Ambani Junior also announced that the Jio TV app on the iPhone will have over 400 TV channels.

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After PSU banks, the government is likely to infuse capital in two chronically ill telecom PSUs BSNL and MTNL, and the Union Cabinet is likely to take a decision on 4G spectrum allocation to them by the third week of the current month after DoT places the note before it for consideration.

At a high-level meeting at the PMO late Tuesday, it was also decided that the two telcos will frame a Voluntary Retirement Scheme (VRS) to reduce their employee strength, which will be followed by a reduction in the retirement age to 58.